Slashdot, the Facebook of tech idiots, seems excessively anti-crypto and constantly pushes cryptocurrency falsehoods

submitted by SoCo from (self.cryptocurrency)

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[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

So, it looks like those slashdot folks were right about heading back towards $25k. I gotta say though, I admire your faith and eloquent writing

I um, absolutely don't want to sabotage you and your endeavors. I think maybe the best thing is you stop reading now, and go on your chosen path. Cause maybe I'm wrong but I'll throw out some counterarguments that sound convincing as hell:

When you consider in that credit card companies globally happily ate $32.39 billion in fraud losses in 2021

With crypto the consumer eats the losses. The credit card companies don't do that for fun. If people were constantly getting ripped off without getting reimbursed, they'd stop trusting the network.

I bought all mine at < $500/BTC.

That's awesome, you gonna take profits or ride it down? You made a fantastic deal. That no longer exists. Peak adoption is past, the numbers are out there, investors are pulling back, value will only decrease. It was speculation, that how speculation goes.

Not to ignore the rest of it, but kinda buzz words. Where's the value? Why wouldn't I wait to buy BTC at $25k since it's headed down there? Why would institutional investors stay on board when the stock market is out performing? When one of those huge whales goes and the value tanks and everyone rushed to get out amid well intentioned fools throwing their money away "on the dip" and the first big exchange goes bankrupt and all the custodial holdings disappear......

Why would you want to even be exposed to that possibly which isn't that far fetched? In an underperforming market no less!

[–]SoCo[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I've remained pretty solid on my outlook for quite a few years. The value seems to be holding pretty well steady at $30K to me. There is many ways to look at that value; It is -30% from last year, but +300% from 2 years ago, and +1500% from 5 years go. The perspective that matters, depend on how long your investment position is.

I consider the massive, growing, yearly credit card fraud rate directly a result of the fundamentally insecure design of credit cards, based on a 1960's security-less concept, then 1980's era half-assed update. Crypto does not have this inherent design flaw. People can see your card number and authorized transaction, without copying it. While people can still be defrauded of crypto, it will not be due to fundamental flaws in the transaction system's design its self. Without that fundamental flaw, I'm not sure I'd expect credit card companies to pay for mistakes squarely of users. With crypto, there is no company getting rich, by duping people into using an insecure system, so there is no one to hold liable for user mistakes.

Profit taking is a rational part of investing. Yes, I took a portion of profits out, reported them on taxes, and really wasn't hit bad at all by it. Now, I can say I made (a humble) tens of thousands in profit (from my humble investment of $20-50 per paycheck for awhile early on), even if it goes to zero now; Can't lose.

The world economy is crashing. Current stocks and most assets are very irrational right now. Buying stock dips and the crypto dip is quite an opportunity for those fortunate enough to be able to do so. I expect this crypto dip to be temporary, but I am very patient. On the long run, most of these stocks that crashed were hugely, massively, overinflated in value, thanks to massive debt, encouraged by so very long of low interest rates; most will never recover that value again fully. Crypto on the other hand, may have been overpriced for the current time and current uniquely dire world economy situation, especially due to inflation uncertainty, but I consider it's current value extremely too low for the long term. It's still in its infancy, leaving its value to be not yet fully realized and to be extremely volatile. I expect volatility to seriously calm and the value to seriously rise over time, as adoption increases, the crypto system expands and matures, and common market tools such as those silly trading things like index funds, futures, options, and the such, pin the value to the value of other things; these types of market tools are what helps stabilize most stock values.